New magic number in 2025 (365 days instead of 366 days):

0.005*365/0.02 = 91.25 (down from 91.50 last year)

Happy New Year!

Yes. All interest or bonus, gains or profits received by a resident individual from deposits placed in licensed institutions are tax-exempted

https://www.pwc.com/my/en/publications/mtb/...t-from-tax.html

As for declaration, you can refer to the guidelines for each form: https://www.hasil.gov.my/en/forms/download-...form-individual

For BE form (salaried, no business), you do NOT need to state the amount in section B3.



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If you are paying using the online MyTax system, see https://www.hasil.gov.my/media/zn0p3tjz/sla...ssment-2023.pdf

On slide 33/60, the part on "Statutory income from sources of interest, discounts, royalties, premiums, pensions, annuities, other periodical payments,
other gains or profits and additions pursuant to paragraph 43(1)© in Malaysia", you do NOT include any GX Bank interests into the calculation.

This post has been edited by TOS2: Jan 6 2025, 01:12 PM

Simple solution: withdraw 912.50 or 1003.75 out of GX Bank today, by 12 am later tonight, deposit 888 first followed by 188. Then wake up in the morning, withdraw 72.25 back to the original bank (e.g. Rize, BoostBank etc).

Cost-benefit analysis: you lose 0.10 or 0.11 MYR daily interest for one day today, but you gain either RM 3 or RM 8 when campaign ends, one-off payment as well.

Condition：You must be the first 50,000 Eligible Customers for 188 RM 3 payout or the first 20,000 Eligible Customers for 888 RM 8 payout.

This post has been edited by TOS2: Jan 27 2025, 02:14 PM

Try search for the term "Add Money" in the T&C (no need to match case). Do you find any?

https://www.gxbank.my/docs/terms/GX%20CNY%2...0Conditions.pdf

This post has been edited by TOS2: Jan 27 2025, 02:16 PM

Correct. That's why I say OR. And in my “simple solution", you first deposit 888 followed by 188. That's to increase your chance of earning something in case the 888 quota finishes quickly.

But I think 20k should be enough for all of us in the early wee hours.

This post has been edited by TOS2: Jan 27 2025, 02:38 PM

No it must be 888 or 188 only, cannot be other figures. That's the thing that will catch most people.

https://www.gxbank.my/docs/terms/GX%20CNY%2...0Conditions.pdf

If you put in any amount other than 888 or 188, it will be the same situation as in clause 4.4, Customer E, illustration 5. And then you consider customer F, illustration 6. In that example, it's 188 first followed by 888 ON THE SAME DAY, but 188 quota full liao, so customer F gets RM 8 for the 888 quota.

So, if you put 888 only and 888 quota full, you get NOTHING because the first eligible deposit is NOT EXACTLY 188 but 888.

I considered both customer E and F, and come up with the 888 + 188 solution.

This post has been edited by TOS2: Jan 27 2025, 03:14 PM

Ya lor. 50k quota plus 20k quota. Must take a while to be fully filled

I guess I am one of the top 10 among the 50k and 20k quota (whichever applicable).

After 888 (or 188) deposit, you just need to maintain at least 888 (or 188), you can move money in and out including spending on cards but at all times it must be at least 888 or 188. https://www.gxbank.my/docs/terms/GX%20CNY%2...0Conditions.pdf

Not sure whether on-hold/pre-authorization deductions will still count as part of the 888/188 minimum balance requirement though. If scare then just top up the available (immediately usable）balance till 888 or 188 to play safe.

Let's be patient.

Anyway, Happy Chinese New Year everyone. If you click on the Rewards tab, there is a banner that says "Your Fortune Awaits This Li Chun!" where you are suggested to Add Money at your zodiac lucky hours. (E.g. Tiger and Rabbit: 4 Feb, 1:00PM - 2:59 PM)

Me too. That's a cute little snake lol

恭喜发财 sifu

You put in exactly 888 or 188？If other amount you won't get any.

Hmm 188 should have more quota than 888, in theory should get leh...

Don't fall prey into those marketing tactics designed to lure your attention away from the main goal: make money out of the bank, not the other way round.

Those virtual badges worth nothing, are designed to gamify the app and create user "stickiness" so that people will keep coming back to the app.

Apart from 1003.75 earning 4% p.a., waived RM 1 cross-ATM usage fee and 0.1-1% debit card cashback, don't bother with anything else that GX Bank offers, especially their so-called flexi-loan and these game-like features.

Take the RM8 (or RM3) and transfer out to Rize/KDI etc. Run.

A lot of people make the mistake of choosing IRR vs NPV. The key reason to choose 888 vs 188 is this: reinvestment opportunity(ies).

Yea, true, 188 indeed offers higher % return vs 888, and we usually quote returns in annualized percentage, hence this issue arises.

Let's breakdown the maths. RM3 return over 188 for 1 month -> annualized simple interest (x12 months): 19.15% p.a.

RM 8 return over 888 for 1 month -> annualized simple interest (x 12 months): 10.81% p.a.

But one should bear in mind this promo is "seasonal", i.e., it's not year-long, it only happened during CNY promo (and maybe another round during Hari Raya? Christmas?)

We never know. But what we know now, is that in one month's time, you get RM 3 out of 188 and Rm 8 out of 888.

It's important to bear in mind that by quoting the returns in annualized term you are implicitly assuming you will get RM 3 for 188 every month till end of February/early March next year, which is clearly not the case.

Think carefully, 19.15 % p.a. and 10.81% p.a. are both ridiculously high interest rates, why would GX Bank give you such rates when they only charge 8.06% p.a. for their personal loan Flexicredit (annualized, effective rate, which is always higher than simple interest rate anyway).

Thus, from a user's point of view, RM 8 in one month vs RM 3 in one month with a promo not certain to continue in the coming months, or at least with some degree of uncertainty, you should maximize net present value (NPV) by choosing the 888 package instead of the 188 package, even though the later offers higher annualized return, which is right from the start, a misleading figure to use for such a short-term, infrequent promo.

Google "NPV vs IRR fallacy". A lot of people make that mistake. Standard business school lectures will cover that: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3090678

Consider we both kiamsiap and calculative. Just sharing with sifu.

This post has been edited by TOS2: Mar 10 2025, 08:57 AM

I am doing that too. Even if you leave it at 91.25 and don't withdraw for one whole year, 1 year later, on the 364th day, your effective rate is still 0.01/(91.25+0.01*364)*100*365 = 3.85% p.a.

So, whether to withdraw the daily interests of 11 cents is really a choice of whether the effort to withdraw 11 cents daily is worth earning the extra 0.15% p.a. or not.

A lot of people don't realize the combo power of daily interests, saving pockets and, round-up tricks. They are actually the best thing banks have offered in this country for decades for small peanut savers because the effective rate is approaching FD rate due to round-ups, though only small capital can be put in per account/pocket. Compensate this with 8-10 saving pockets, you raise the capital to earn FD-like returns to 800 MYR per digital bank. Multiply by 3-4 digital banks (we know GX, Boost and Ryt offer daily interests + saving pockets so far, waiting for info from KAF), that's 2400 MYR - 3200 MYR, daily interests, no early withdraw penalty like FD...

But yea, psychology does play an important role. Any amount beyond that, you still earn low 3% ish return like 3 to 3.3% p.a.

As long as the competition for deposits continue, we savers will continue to be pampered.

I did what I mentioned before. And yes, first eligible deposit is 888, the 188 is ignored, just a fail-safe mechanism in case 888 promo is fullly utilized.

It's free money from GX Bank, you pay a price of 0.01 MYR * 11 account/pocket = 0.11 MYR in daily interest, just for one day. And you get 8 MYR one month later.

These days RM 8 seems like small amount... nobody cares, at least in my place can buy 0.8 days worth of meal

This post has been edited by TOS2: Mar 10 2025, 09:35 AM

Hehe that was last year. 366 days at 2% p.a. -> 0.005*366/0.02 = 91.50 MYR

Very good point. I actually overlooked this.

But come to think about this. If we adjust for risk and liquidity, in the immediate next-1-month, you are sure to get an annualized rate of 10.81% p.a. (RM 8 out of 888).

Unless Ramajde minum kopi with some GLIC insiders and know for sure any Bursa stock will surge by more than an annualized rate of 10.81% p.a. in the next one month (or in simple interests, 0.9% per month), then he should rationally place his marginal 700 MYR into that stock.

As far as I am concerned, only GX Bank offers a guaranteed 0.9% in 1 month back in February. No FDs which pays monthly interests match GX's offer for that month.

Maybe the FD kakis can chip in and counterargue if I missed any special offer.

Nice boss. You take the argument to a whole new level. Salute salute.

If you do the 888 + 188 thingie right after 12 am I would argue it's sure dapat. It's anyone's guess if he stayed past 12 to deposit his money...

You mean every day, non-stop routine, 500?

Maybe the AI algorithm meant to detect fraud is starting to fail

GXBank launched in end of Nov 2023. Now it end of March 2025. About 1 year and 5 months worth of transaction data... hmm...